PIF-backed Lucid announces deal to sell up to 100,000 electric vehicles to Saudi government – Arabian Business
- Date: 27-Apr-2022
- Source: Arabian Business
- Sector:Economy
- Country:Saudi Arabia
PIF-backed Lucid announces deal to sell up to 100,000 electric vehicles to Saudi government – Arabian Business
Lucid Group announced Tuesday that the Government of Saudi Arabia had struck a deal to purchase up to 100,000 electric vehicles over a 10-year period. The deal comes with an initial commitment to purchase 50,000 vehicles, with an option to purchase an additional 50,000.
Lucid, an electric car manufacturer, is majority owned by Saudi Arabia’s Public Investment Fund. The company has recently began production of its first model, the Air sedan, in the US, but announced earlier this year in February that it would build another factory in Saudi Arabia.
“Delivering up to 100,000 Lucid electric vehicles in Saudi Arabia represents another pivotal moment in our acceleration of sustainable transportation worldwide,” Peter Rawlinson (below), Lucid’s CEO and CTO said in a statement.
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